Payment Method: Setting up your e-commerce store is surely a hectic journey! There is so much to be planned, organized, checked and done. Chances are, if you are in the last stages of building your e-commerce store, you have gotten into setting up the Payment methods.
But first:
What is a Payment Method?
A payment method is the way through which you pay for goods and/or services you purchase and get online. There are many different types of Payment Methods that are incorporated into e-commerce websites in order to enable customers to make their purchases and pay the way they find best suitable for them.
It is vital for the payment process and online check out to be smooth and easy or else your potential customer will simply close the tab or application with confusion and fury and never come back to your e-commerce website again.
Nothing is worse than filling your cart, getting all excited for the things you’re about to buy, but having the payment methods all messed up and way too complex to proceed.
So, before setting up your website’s payment methods, let us discover:
The Types of Payment Methods
- Cash
This is the old-fashioned way of paying that never really goes out of fashion. It is favored by many people who are not comfortable with giving out any of their financial information and details online, and it is pretty much straightforward and self-explanatory.
As your customer chooses to pay in cash, they will pay for their purchase in person as they receive their order at their doorstep. Keep in mind that this payment method requires shipping and delivery, so make sure you set up all needed arrangements in order to make this payment method run smoothly.
- Credit Card Payment
It is no surprise that credit card payments are popular among e-commerce websites, that is simply because they are easy and simple to use, in addition to being secure and safe.
How so?
As your customer chooses to pay with their credit card, they will enter their card’s details, which will be compared (along with other information about the card’s holder) to the Card Verification Value, also known as CVV, in order to detect any fraud, making credit card payments super safe.
Using credit cards as a payment method gives their holders the advantage of discounts and reward programs, encouraging people to continue using their credit cards to pay for their online shopping sprees no matter what new innovative payment methods come about.
However, since we are speaking of innovation, it is worth getting into one of the most innovative and practical methods of payment:
- Cashew Payments
Cashew payments represent a flexible payment solution that is ideal for you as a business owner and for your customers thanks to the buy now pay later option that Cashew provides your customers with, enabling them to make whatever purchase they want or need at any time, plus enabling you to grow your business as you get paid upfront!
If you choose to incorporate Cashew payments into your e-commerce website, you will benefit from the following features as a business owner along with your customers:
- Frictionless Checkout: When incorporating Cashew payments into your e-commerce website, your customers will experience the best, easiest and smoothest shopping and checkout experience that will keep them coming back for more purchases, pushing you to grow your business exponentially.
- Get Paid Upfront: Cashew makes sure to achieve flexibility, practicality, customer satisfaction as well as business growth. So,Cashew pays you the full amount upfront with every purchase your customer makes while they pay for it in installments.
- Keeping your Operations in Mind: To ensure the best possible online shopping experience for your customers, Cashew ensures you have the best business owner experience at managing and tracking all of your orders, settlements and refund requests using its dedicated merchant portal.
- No Hidden Fees: When your customers choose to buy now pay later in monthly installments with Cashew, they will pay no interest fees or any other hidden fees. Cashew is completely transparent with you and your clients!
So, what are you waiting for? Choose Cashew to grow your business and maintain customer satisfaction at its best.
The post What is a Payment Method? And The Types of Payment Methods appeared first on Innovation Chasers.
